Loan Programs · Home equity

Reverse mortgages for homeowners 62 and older

A reverse mortgage lets homeowners 62 and older turn part of their home equity into cash without a monthly mortgage payment. It is a big decision, and we take the time to explain it clearly, involve your family if you wish, and make sure you understand the responsibilities that come with it.

Reverse Mortgage (HECM) explained

A Home Equity Conversion Mortgage (HECM) is a reverse mortgage insured by FHA. You must be at least 62, live in the home as your primary residence, and complete counseling with a HUD-approved counselor before applying. You can receive funds as a lump sum, monthly payments, a line of credit or a mix. You do not make monthly mortgage payments, but you must keep paying property taxes, homeowners insurance and HOA dues, and maintain the home. The loan is repaid when you sell, move out or pass away. For 2026, HUD's maximum claim amount for HECMs is $1,249,125. All loans are subject to program guidelines and the lender's financial assessment.

Who it fits

  • Homeowners 62 and older with significant equity
  • Retirees who want to eliminate a monthly mortgage payment
  • Seniors who want a line of credit that can grow over time
  • Buyers 62 and older who want to buy a new home using a HECM for Purchase
  • Families planning long-term care or aging in place

Florida specifics

  • Many retirees relocate to South Florida, and HECM for Purchase lets buyers 62 and older buy a home with a reverse mortgage and a larger down payment, with no monthly mortgage payment afterward.
  • Florida insurance costs are high, and keeping insurance and taxes current is a requirement. The lender's financial assessment may set aside funds to cover them.
  • Condos must be FHA-approved or qualify for single-unit approval, which matters in South Florida's many condo communities.
  • The home must be your primary residence. Seasonal residents who split time between Florida and another state need Florida to be the principal home.

How it works with Justin

  1. We talk through your goals and whether a reverse mortgage fits, and invite family members to join.
  2. You complete counseling with an independent HUD-approved counselor.
  3. You apply, and the lender completes a financial assessment and appraisal.
  4. You choose how to receive funds and close. On most HECMs, you have three business days to cancel after closing.

Documents to gather

  • HUD counseling certificate
  • Photo ID and proof of age
  • Current mortgage statement, if any
  • Property tax bill and homeowners insurance declarations page
  • Income and asset documentation for the financial assessment

Things to consider

  • The loan balance grows over time, which reduces the equity left for you or your heirs.
  • Upfront costs, including FHA mortgage insurance, can be higher than for a forward mortgage.
  • Failing to pay property taxes, insurance or HOA dues, or not living in the home, can make the loan due.
  • Heirs can keep the home by paying off the loan or a set portion of its value, or they can sell it.

Share a few details and Justin will tell you whether Reverse Mortgage fits, with real numbers for your loan.

Reverse Mortgage (HECM): common questions

How old do you have to be for a reverse mortgage?

For an FHA-insured HECM, the youngest borrower must be at least 62. Some non-FHA proprietary reverse mortgages may have different age rules.

Do I still own my home with a reverse mortgage?

Yes. You keep the title and ownership. You must live in the home as your primary residence, maintain it and pay property taxes, insurance and any HOA dues.

What is the 2026 HECM limit?

For FHA case numbers assigned in 2026, the HECM maximum claim amount is $1,249,125 nationwide. The amount you can actually receive depends on your age, the home's value and other factors.

Is counseling required for a reverse mortgage?

Yes. Every HECM borrower must complete counseling with an independent HUD-approved counselor before applying. The session explains costs, responsibilities and alternatives.

Can I buy a home in Florida with a reverse mortgage?

Yes. A HECM for Purchase lets buyers 62 and older buy a new primary home by combining a down payment with reverse mortgage proceeds. There is no monthly mortgage payment afterward, but taxes, insurance and dues still apply.

What happens to the home when I pass away?

The loan becomes due. Your heirs can sell the home, pay off the loan, or keep it by paying the lesser of the loan balance or a set percentage of the appraised value. FHA insurance means they generally do not owe more than the home is worth.

Related loan programs

  • HELOC (Home Equity Line of Credit) — Home equity lines of credit for South Florida homeowners: borrow against equity while keeping your first mortgage. Draw and repayment periods explained.
  • Cash-Out Refinance — Turn South Florida home equity into cash with a cash-out refinance. Compare it with a HELOC, see Florida closing costs and plan for the long term.
  • Mortgage Refinance — Refinance your Florida mortgage to change your term, drop mortgage insurance or move off an adjustable rate. Honest break-even math, no pressure.

South Florida areas where it fits

See all 21 loan programs, mortgage loans in Florida, or every state where Justin lends.

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